Chembur's Revamp: Puravankara Wins Eight Redevelopment Projects Worth Rs 2,100 Crore In Mumbai Suburb
Shares of Puravankara closed over 2% lower at Rs 287 apiece on the NSE, underperforming the 0.24% advance in the benchmark Nifty 50.
Realty player Puravankara Ltd. on Tuesday informed the bourses of securing redevelopment orders for eight residential societies in the Chembur suburb of Mumbai. The gross development value of the projects is estimated to be Rs 2,100 crore, as per the exchange filing.
The eight societies comprise multiple Deonar housing societies, Sahyagiri CHS, Rainbow CHS, and Sunbeam CHS. Together, they are spread over four acres. The project will unlock development value potential of over 1.2 million square feet, as per the filing.
Also making redevelopment headlines today was the Adani group, signing a pact with the Maharashtra Housing and Area Development Authority (MHADA) to work on the Motilal Nagar colonies in Goregaon (West). This collaboration appoints the Adani Group as the Construction and Development agency for the project.
A key highlight of the project is the free rehabilitation of residents into ultra-modern 1,600 sq. ft. apartments. This redevelopment, spread over 142 acres, is claimed to be the "largest of its kind in India". MHADA will receive 397,100 sq. m. of constructed area from the developer, significantly boosting its housing stock.
On the sales front, residential sales in the top seven cities dropped 28% in the first quarter of 2025, compared to a year ago, as per Anarock data. While luxury housing has held steady, the affordable housing segment remains under acute stress.
“Affordable housing is in serious need of direct support,” said Anuj Puri, chairman of the Anarock Group, adding that smaller developers are grappling with expensive debt and limited access to financing. Data showed that affordable housing’s sales share fell from 38% in 2019 to 18% in 2024, even as unsold inventory in this segment dipped 19% in the past year, reflecting pent-up demand.
Shares of Puravankara closed over 2% lower at Rs 287 apiece on the NSE, underperforming the 0.24% advance in the benchmark Nifty 50.
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